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Left In Lowell » Blog Archive » Shedd Park Daydreams

Left In Lowell

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April 18, 2011

Shedd Park Daydreams

by at 3:52 pm.

I’d like to give a shout out to all my tea partying pals. I hope you told the birthers to go pound sand.

I digress:
Former Fed Chairman Alan Greenspan is stepping up his call for Congress to let the Bush-era tax cuts lapse.

In an appearance Sunday on ABC’s “Meet the Press,” Mr. Greenspan used his strongest words yet to urge lawmakers to let them expire. The risk of a U.S. debt crisis, he said, is just too big. Mr. Greenspan, who retired from the Federal Reserve in 2006, had endorsed the cuts back in 2001 championed by then-President George W. Bush.

“This crisis is so imminent and so difficult that I think we have to allow the so-called Bush tax cuts all to expire. That is a very big number,” he said, referring to how much the U.S. government could save from letting income taxes go back up to levels last seen under former President Bill Clinton. -snip

Of course, we know that POTUS will poo poo this to some degree ’cause he has his very own ‘read my lips’-esque campaign speak that draws a line at $250,000+/-. So, there is that.

Data, being ambivalent, only offers this guidance: Top 1% pay 28% of federal income taxes, and earn 23% of all income.

And finally, where is the rally that squawks about the $880/month I’m dolling out for crappy health insurance we can’t afford to use? Can I see a single payer plan that would spike my taxes by $5000? I’d be saving money then.

5 Responses to “Shedd Park Daydreams”

  1. joe from Lowell Says:

    I was shocked to see how small my tax rate was when I did my taxes this year.

    Ridiculous. People like me should be paying higher income taxes, and I’m nowhere near a quarter mil.

  2. -b Says:

    I typically lean right, and agree with some of what the tea party stands for. But I must say that when I hear about the spending bill that Paul Ryan and the GOP are offering up, which included a top marginal rate of 25% I am just disgusted. Greenspan is right, we need to let the cuts expire.

    We are on a path to fiscal destruction, and it’s not far off at all. We need painful spending cuts, and painful tax increases. I am so sick of the partition crap, we have a major crisis brewing people - suck it up and sacrifice a little.

  3. Mr. Lynne Says:

    The best way to get out of a debt crisis is growth. Being overly timid about spending during a recession is a fantastic way to inhibit growth. The main impediment to growth isn’t the lack of trickle-down because of alleged over-burden of the rich with taxes. The problem is a demand slump largely driven by housing credit crunch combined with unemployment. We know what the prescription is for a demand slump - public spending. Of course, with our high debt burden (thanks to two wars) we ought to temper an increase in stimulus spending by keeping an eye on interest rates. What? Interest rates are at a historic low and have been so throughout some of the worst of the downturn? But I’ve been told to worry a lot about our debt - why doesn’t the market worry too? Someone’s lying (guess who).

  4. joe from Lowell Says:

    What we’ve got are long-term and short-term issues.

    In the short term (that is, for the next year or two), we need to stimulate demand and foster economic growth, even at the expense of big deficits. To those who say we can’t afford to do so, I’d point out that that the vast majority of the national debt was run up during periods of economic expansion, under Republican presidents who slashed taxes. Running deficits during recessions isn’t irresponsible; in fact, that’s one of the reasons not to run them up during expansions - so you’ll have room during the downturns.

    In the the long term, we need to restrain spending growth and raise taxes and bring down the deficit. A lot. The second-biggest target out there is military spending. The biggest target out there is medical spending - Medicare, Veterans Administration, Medicaid, federal health care plans, SCHIP. These costs are set to explode in coming years, and there are two ways to handle this. One way is to give in to the anti-New Deal agenda the Republicans have been pushing since they voted against the New Deal. The other way is to adopt policies that bring down the cost of medical care. There’s some good policy along these lines in the Affordable Care Act (Hey, look at that, right there in the name), but we need more of this. Many big Republican constituencies don’t want to make medical spending cheaper. Old people who vote in every single election, and Democrats, don’t want to repeal the New Deal. It’s going to be a heck of a fight.

  5. Lynne Says:

    -b we’ll make you a Democrat yet! ;)

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